Bourse hits 4-mth closing low on foreign selling

27 Aug 2013 - {{hitsCtrl.values.hits}}

Sri Lankan stocks closed at their lowest level in more than four months yesterday with trading volume slumping to near three-week lows as foreign outflows continued for the third day, while retail investors stayed on the sidelines amid a falling rupee, brokers said. The main share index ended down 0.94 percent, or 56.18 points, at 5,895.65, its lowest close since April 22. Analysts said investors were cautious over the fall in the rupee and earnings outlook. The local currency hit a near one-year low yesterday due to renewed selling of government bonds by foreign investors. Shares in Nestle Lanka PLC ended 7.72 percent lower at Rs.2,035 while Dialog August fell 2.35 percent to Rs.8.30. Foreign investors were net sellers for a third straight session, selling Rs.99 million (US $ 748,000) worth of shares, extending net outflows to Rs.264 million in the last three sessions. However, they have been net buyers of Rs.18.25 billion worth of shares so far this year. Turnover was Rs.365.9 million, its lowest since August 8 and well below this year’s daily average of about Rs.916.6 million.

(Source : REUTERS)

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Bourse hits 4-mth closing low on foreign selling

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